CFO Fernandez to replace Schumacher as Unilever CEO, Srinivas Phatak to be acting CFO

New Delhi: Global FMCG giant Unilever announced on Tuesday that Hein Schumacher is stepping down as Chief Executive Officer and Chief Financial Officer Fernando Fernandez will be appointed to replace him in the top job with effect from March 1, 2025.

“A thorough internal and external search process is being initiated to appoint a permanent CFO. From 1 March 2025, Srinivas Phatak, currently Unilever’s Deputy Chief Financial Officer and Group Controller, will become acting CFO. Srinivas has served in global and local senior finance, strategy and supply chain roles including a successful term as CFO of Hindustan Unilever Limited. Srinivas’ leadership qualities and his broad experience will enable him to partner Fernando in successfully executing Unilever’s strategy,” Unilever said in a statement.

Schumacher has decided to quit as a Board Director as well on March 1, 2025, by mutual agreement, and will leave the company on May 31, 2025, Unilever said.

Prior to becoming CFO in January 2024, Fernandez had a successful tenure as President of Beauty & Wellbeing, one of Unilever’s fastest-growing businesses. In previous roles as President, Latin America, CEO, Brazil and CEO, the Philippines, he led some of the company’s best-performing markets, delivering strong financial results while developing exceptional talent.

Unilever Chairman Ian Meakins said: “On behalf of the Board, I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024. Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track.” The Growth Action Plan (GAP) has put Unilever on a path to higher performance and the Board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future.”

Of Fernandez’s appointment as CEO, Ian Meakins said: “The Board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.

“While the Board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results. Having worked with Fernando closely over the last 14 months, the Board is very confident in his ability to lead a high-performing management team, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”

Schumacher said: “It has been a privilege to lead Unilever. We have made real progress and I am proud of what we have achieved in a short period of time.”

Fernandez said: “Being appointed as CEO of Unilever is an honour. Our focus will be on building a future-fit portfolio with an attractive growth footprint and delivering unmatched functional and perceivable superiority across our top 30 power brands. I have full confidence in our team’s ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders. I would like to thank Hein for his values-led leadership and the performance focus he has brought to the business. I wish him every success for the future.”

There is no change to Unilever’s 2025 outlook or the company’s medium-term guidance, Unilever said.

–IANS